FG Gives Oil Firms in Nigeria Strict Orders on Dangote as 6 Refineries Are Set to Begin Operation - Legit.ng
FG Gives Oil Firms in Nigeria Strict Orders on Dangote as 6 Refineries Are Set to Begin Operation - Legit.ng
FG Gives Oil Firms in Nigeria Strict Orders on Dangote as 6 Refineries Are Set to Begin Operation
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has asked oil companies to prioritize local refineries in crude supplies
- The Commission directed the oil companies to begin the supply of 483,500 barrels per day from January 2024
- The Dangote refinery will receive the largest share of 325,000 barrels daily from the oil firms
PAY ATTENTION: We Need your Opinion! What do You Think about this Website? Take 5-min Poll and Make Legit.ng Better Now.
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has ordered oil companies in Nigeria to supply about 483,000 barrels of crude oil daily to local refineries for the next six months beginning January 2024.
The initiative is part of Nigeria’s efforts to ensure regular supply to local refiners for domestic consumption.
Source: Facebook
List of local refineries to begin production in 2024
About six local refineries are expected to begin production in the coming year, including the 650,000-capacity Dangote refinery and Nigeria’s three refineries in Port Harcourt, Warri, and Kaduna.
Read also
Dangote Refinery gets fresh supply of 1m barrels of crude, gives date to refine diesel, aviation fuel
The Dangote refinery has received about four million barrels of crude oil out of the six million promised by the Nigeria National Petroleum Company Limited (NNPCL).
Legit.ng reported earlier that Africa’s largest refinery received another one million barrels shipment on Thursday, December 29, 2023.
Dangote refinery to receive the largest share
According to recently published crude supply obligations guidelines by NUPRC, the Dangote refinery will receive the largest supply of 325,000 barrels daily.
Data from the Commission shows that six refineries have a refining capacity of 864,500 barrels daily and are expected to begin operation in 2024.
Reports say oil producers must supply more than half of crude requirements to meet the daily refining capacities.
Other refineries meant to benefit from the crude oil supply are the Warri and the Port Harcourt refineries, which are expected to begin production in 2024.
Read also
APC chieftain reacts as Port Harcourt refinery recommences operation after years of shutdown
Others are the Waltersmith, OPAC, and Niger Delta Petroleum Refinery, which will receive 10,000 barrels of crude oil daily.
After Dangote, another Nigerian billionaire builds a new refinery, more materials arrive from China
Legit.ng reported that A Chinese cargo ship, laden with a consignment of the Akwa Ibom refinery project, has berthed in Calabar port in Cross River state.
The development is a significant milestone in the construction of a state-of-the-art refinery in Akwa Ibom state.
BusinessDay reports that two refinery projects are expected to be located in the state's Eket and Onna local government areas.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.